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Truth or Economics
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Truth or Economics: On the Definition, Prediction, and Relevance of Economic Efficiency

Richard S. Markovits


Is economic efficiency a sound basis upon which to make public policy or legal decisions? This book considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The book begins by identifying imperfections in the traditional definition of economic efficiency. Further, the book develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economi ... More

Keywords: economic efficiency, public policy, Second-Best Theory, economic-efficiency analyses, public choices, economic-efficiency conclusions, moral evaluations, legal-rights questions

Bibliographic Information

Print publication date: 2008 Print ISBN-13: 9780300114591
Published to Yale Scholarship Online: October 2013 DOI:10.12987/yale/9780300114591.001.0001


Affiliations are at time of print publication.

Richard S. Markovits, author